News Releases

April 18, 2005

Reconstruction Update on Sri Lankan Credit Unions

Madison, WI- SANASA, the national credit union
association in Sri Lanka has begun reconstruction
of 28 primary societies (credit unions) and the
regional credit union training center in the
Galle district. This first group of construction
includes 11 destroyed primary societies, 10 of
which have to be relocated 100 meters away from
the coast per new local regulations, and 18
partially destroyed societies. A total of
$161,000 has been dispersed in the 1st quarter:
$15,000 to support work camps for reconstruction
training and $146,000 to rebuild credit unions in
the Galle District.

The World Council of Credit Unions' Worldwide
Credit Union Foundation and the National Credit
Union Foundation has raised a combined $692,874
for the tsunami disaster relief rebuilding
efforts in Sri Lanka. Brian Branch World Council
CEO (interim) noted, "We are moved by
the generosity of those throughout the
international credit union system that reached
out to help others rebuild, this is truly an
example of the credit union difference."

"Reconstruction is underway, despite difficult
in
the
region due to lack of supplies and skilled
labor," noted Normunds Mizis, project manager
WOCCU-Uzbekistan, who is the WOCCU staff member
overseeing the disaster relief efforts.

Standard building plans include 224.6 square
feet
per each primary society with provisions for
expansion, based of the needs of the individual
society. The cost of each structure is
approximately $4,500. Rebuilding also includes
the provision of furniture and other equipment,
such as chairs, tables, counters, cupboards,
filing cabinets, iron safes, desk calculators,
stationery and ledgers. In response to the loss
of managers and staff, the funds also help
reinstate managers and provide initial training
as necessary.

Quarterly progress updates are being provided to
WOCCU, and
Mizis will also travel to Sri Lanka in June to
evaluate the rebuilding progress and assess the
state of the credit union system.

World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.